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Frequently Asked Questions about Reverse Mortgages

Reverse mortgages are an exciting way to rapid growth and for seniors age 62 and over to maintain their property and tap their equity to improve cash flow. Many people have questions about reverse mortgages and here are some common questions and answers.

What a reverse mortgage?

A reverse mortgage is a loan for people aged 62 and older to tap their equity in their home. They are not payments on the loan until the house is sold.

Who is eligible for a reverse mortgage?

To qualify a reverse mortgage, you must have at least 62 years and own the property free and clear or have a very small mortgage balance. Unlike traditional mortgages, credit and income is not considered for eligibility mortgage reversed.

How do I get my money?

This is yours. This is your equity. The only requirement is that any lien outstanding (mortgage or other debt against the house) the property must be paid in full when the mortgage reverse is done. You can take the remaining funds from your reverse mortgage as a lump sum, line of credit or monthly payments. And the best part of it, you can take any combination of these choices, a little money as a lump sum to pay the bills, possibly offshore some as a credit line to meet future needs, and others as a monthly amount to supplement your current income. You can even change your mind on the road, your equity is your choice.

What are the things I can do with a reverse mortgage?

You can do whatever you want with the product until you pay all liens against your home. Once done, the funds from a reverse Mortgage can be used for virtually any purpose supplement your current income, pay bills, home improvement, travel, the list is almost endless.

Why can not I just sell my house?

Sometimes that may be the best solution. A loan officer willing to answer all your questions on a reverse mortgage and then let you decide. However, if you sell your home where do you live? You must also consider the costs associated with the sale.

When is the reverse mortgage expires?

Once the home is no longer your home, the loan becomes due. Depending on the situation, you may decide to have children or other heirs to sell the house, or if they want to keep the property, they need to pay the reverse mortgage either with their own funds or by obtaining regular or "forward" mortgage. In any case, a reverse mortgage is an FHA insured "without recourse" loan which means that you will never owe more that the site is worthwhile. Of course, any product remaining after the sale of the house will go to you or your heirs. This a very safe and highly regulated financial product.

How Can I know how much money I eligible?

It depends your age, property value and the amount currently owed. The best way to find out is to contact your loan officer or use the simulator AARP Web site.

As you can see, reverse mortgages are here to stay. For more information about reverse mortgages and see if you agree, contact your loan officer.

About the Author

Carlos Scarpero is a Dayton, Ohio based reverse mortgage originator and expert. Learn more about reverse mortgages by visiting www.CarlosScarpero.com

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